CargoJet has confirmed plans to enter the B777 freighter market and add extra B767F aircraft to meet international growth opportunities.
Earlier this month, the lessor and operator raised C$365m through an equity deal. The money will be used to pay off debt and acquire new aircraft.
The company said that two Boeing 777 freighters will arrive in 2023, with the option to add two more in 2024.
The first two of these freighters will be deployed for long-haul Asian routes and emerging South Asian markets “strategically integrated with Cargojet’s domestic network and in addition, they will serve and connect seamlessly with select European and South-Central and North American cities”.
Meanwhile, the first of five Boeing 767 freighters, announced earlier, will begin arriving in 2021 with the first freighter arriving in the third quarter of this year with one additional freighter arriving every quarter thereafter.
Two of these aircraft will be deployed within its domestic network to meet projected e-commerce growth and add stand-by capacity, while the remaining three freighters will be used for international routes to “select strategic destinations to capture emerging growth opportunities beginning fourth quarter 2021”.
“Fast changing global supply chains and e-commerce trends present a unique opportunity for Cargojet to substantially grow its international business from an opportunistic add-on to a long-term, sustainable growth driver,” said Ajay Virmani, president and chief executive.
“Having successfully grown our domestic network with a solid market-share and diversifying into ACMI and Charter Services, building a new growth pillar through international business is a natural next step for us.”
The company added that it expects all of its fleet to have fully completed major regular and heavy maintenance by the end of the third quarter 2021.
“This will enable Cargojet to begin international service to select cities in Europe and South-Central and North America starting fourth quarter, 2021 utilising its existing fleet and add capacity as new freighters come online,” it said.
In the third quarter of last year, the carrier’s freighter fleet stood at 13 B767-300s, three B767-200s and eight B757-200s.
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